Ivan Watson: Cyprus banks reopen under tight security and strict 'draconian' measures, but 'situation's pretty calm'

FROM CNNMONEY:

For the first time since the euro was launched on Jan 1, 1999, a member country has restricted how much money individuals and companies can take across its borders.

The tiny island nation put the extensive measures in place to prevent a run on its banks as they reopened around noon local time (6 a.m. ET) for the first time since March 16.

Cypriots have been queuing at cash machines since then as it became clear that deposits would be raided as part of a bailout by the European Union and International Monetary Fund.

READ MORE: Cyprus banks to reopen with strict cash limits